Shandong Province-based Chinese steel producer Qingdao Steel Group (Qingdao Steel) has announced that in 2010 it produced 4.4 million mt of sintered ore, 3.09 million mt of
pig iron, 3 million mt of
crude steel and 3.28 million mt of finished steel products.
Specifically, Qingdao Steel's welded wire output in 2010 accounted for half of
China's total
production of this product during the year. Meanwhile, its
production of high quality tire cord steel and tire bead wire in 2010 constituted 40 percent of the total output volume in
China, while the spring flat bar output of Qingdao Steel made up over 30 percent of the national output.
In 2010, Qingdao Steel's sales volumes of tire cord steel, tire bead wire, spring flat bar and welded wire were respectively 131,500 mt, 397,800 mt, 410,100 mt and 676,500 mt, up 79.01 percent, 23.69 percent, 62.10 percent and 1.15 percent year on year.
Meanwhile, Qingdao Steel also issued its financial results for 2010, posting sales revenues of RMB 34.5 billion ($5.2 billion) and a net profit of RMB 460 million ($70 million). The net profit exceeded the targeted figure by 10 percent.